Blacks, Hispanics And Millennials Paying More In Bank Fees During COVID-19

According to a new Bankrate survey, Americans whose income has declined due to the COVID-19 pandemic are seeing higher bank fees, too. The monthly average for checking account fees was $7.65. Both Blacks and Hispanics were among the groups paying more than the average.

Those hit financially by the pandemic saw average monthly charges for their checking account of $11.41, including service charges, ATM fees and overdraft expenses. That compares to just $2.79 on average for those whose income has not been affected by the crisis. Among all checking account holders, the monthly average charge totaled this amount for each age group:

Generation Z (ages 18-23) paid $13.89.
Millennials (24-39) paid $15.32.
Generation X (40-55) spent $6.18.
Baby boomers (56-74) spent $2.38.
Silent Generation (75 and older) paid $1.59.

Racial background also played into the results, with Black and Hispanic customers reporting fewer no-fee accounts and higher fees than the overall average. While white checking account holders paid $5.37 per month in fees, Blacks and Hispanics paid more than double, at $12.07 and $13.96, respectively. Click Here To Read More

Source: Bankrate.com